Barrie & Hibbert Continue European Success by signing Norwegian KLP to its ESG

Online, June 21, 2010 (Newswire.com) - KLP, one of Norway's largest life insurance companies, has agreed a deal with Barrie & Hibbert to use its economic scenario generator (ESG). Forming part of KLP's capital modelling, the ESG will help the company meet its compliance obligations under Solvency II regulations. Additionally, Barrie & Hibbert's scenario sets will also be utilised across the company's substantial non-life business.

Account manager for Barrie & Hibbert Viktor Knava said: "It's great to be working with such an important player in the Norwegian insurance market. It's a tremendous endorsement of the sophistication and ease of use of our models that, after many months of rigorous testing by KLP, the company decided to replace an existing provider with Barrie & Hibbert's services."

Erlend Ringstad, Head of Risk Modelling for KLP comments: "What impressed us about Barrie & Hibbert was the level and quality of support they provided right through the evaluation periods. This clearly demonstrated the company's commitment to the Norwegian market. We were also looking for a robust methodology for approaching the issues of Solvency II compliance and I believe that the superior technical sophistication of Barrie & Hibbert's models will provide us with a considerable advantage in this respect."

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For further information, contact:
Sharon McLaughlin / Lisa McEwan at McLaughlin Gibson Communications Ltd
Tel: +44 (0) 141 440 6797
Email: [email protected] / [email protected]

Notes for editors

Founded in 1995, Barrie & Hibbert are leaders in modelling financial market risk, providing stochastic models, economic scenarios and risk management products to insurance and financial services groups around the world. There are offices in Edinburgh, London, New York and Hong Kong.

Barrie & Hibbert's innovative financial modelling software is used by around two-thirds of the European insurance industry, and is increasingly used by major international financial services organisations in insurance, banking, pensions and wealth management.

KLP - Kommunal Landspensjonskasse - is one of Norway's largest life insurance companies with total assets of NOK 223.9 billion. The company provides pension, financing and insurance services to the local government sector and the state health enterprises as well as businesses in the public and private sectors.

For further information visit: www.barrhibb.com